New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Volumetric Video Market: Key Insights
According to our new research study on “Volumetric Video Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Video Capture, Application, and Geography,” the Volumetric Video Market Size is projected to reach US$ 9,685.7 million by 2028 from US$ 1,898.7 million in 2021; it is estimated to grow at a CAGR of 26.2% during the 2021–2028.
Volumetric video Market: Competitive Landscape and Key Developments
4Dviews; Microsoft Corporation; Sense of Space; Tetavi; DGene Inc; Omnivor; Arcturus Studios Holdings, Inc.; Evercoast; 8i; mantis vision ltd.; Dimension; Canon Inc.; Sony Corporation; StoryFile; Imverse SA; VOLUMETRIC CAMERA SYSTEMS; HoloCap; Volucap; EF EVE; Magic Leap, Inc.; and KDDI Research, Inc are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global volumetric video market and its ecosystem.
In 2021, Arcturus raised $5M to bring real-time, responsive volumetric video to e-commerce, music, sports, interactive media, and gaming.
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Various major video streaming platforms across the world are launching their 360° video platforms to enhance the viewing experience of the viewers. For instance, the 360°video camera technology implemented by Google Street View is being used in Google maps and also in the security sector. In March 2015, YouTube launched its 360-video platform named YouTube 360 video. In September 2015, Facebook introduced Facebook 360 video to upgrade their service quality. With the launch of these technologies, the market players are focused on increasing potential and enhancing the viewing experience of the viewers. Also, this radical new form of immersive cinematography or picturization has become popular among the entertainment community, as this provides them an opportunity to create engaging content. Thus, the demand to create 360° content is increasing in the entertainment sector, which, in turn, is driving the growth of the global volumetric video market.
North America dominated the global volumetric video market in 2020, accounting for 52.5% of the total market share. However, the market in SAM is projected to grow at the fastest rate during the forecast period, with a CAGR of 24.7%. Also, APAC is expected to witness a significant growth during the forecast period. The rising need for volumetric video technology in events and creative advertisements drives the growth of the volumetric video market in APAC and Europe. However, from a growth perspective, the MEA is expected to witness the growth at a significant rate during the forecast period due to factors such as the adoption of digital transformation and automated tools and increasing awareness regarding the benefits of the software. Numerous African countries attract an unprecedented investment in the development of new technology. Thus, the region is anticipated to witness a notable surge in the demand for volumetric video technology in the coming years.
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The research and development on immersive teleconferencing are being carried out to produce a videoconferencing experience in which the visualization has been created, in such a way that the remote participants can experience the presence of each other in the same room. In a real-time situation, an ideal immersive teleconferencing system is needed to replicate the light and sound field observed by an user in a face-to-face meeting. In the past, the Halo system from Hewlett-Packard and the Telepresence system from Cisco provided spatial audio, life-size video, and environment excellence by providing furniture, lighting, even wall colors to maximize the conference experience. Even though these systems provided significantly improved conference experience in comparison with traditional video calls, they couldn’t provide immersive video experience, as the mutual gaze between attendees was not captured. However, in teleconferencing, the volumetric video technology offers an improved quality of human-centered communication by providing immersive telepresence and the natural representation of all participants in a shared virtual meeting space. Thus, this has created an opportunity for the use of volumetric video technology in teleconferencing.
Volumetric Video Market: Industry Overview
Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services. Volumetric video captures the act or scene from several standpoints, and then the captured information is used for creating a depth map of the recorded video. For instance, each manifold can capture every direction from the system with the use of at least four sensors or seven sensors in most places. Further, different software is used to provide the desired effects to the video. Several players have also established their volumetric video studios to offer customized services to their clients.
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Based on application, the volumetric video market is segmented into sports events and entertainment, medical, signage and advertisement, e-commerce, video games and esports, training, education, tourism, video streaming and alternate realities, and others. Improvements in camera technology, coupled with advancements in lenses, have improved viewing experience for users. Volumetric video capturing is gaining traction in diverse applications, and it is expected to substitute the standard streaming and recording with time. The technology has a huge demand in the gaming and filmmaking industry, and its use in the medical field is likely to surge in the coming years.
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